Federal Reserve Chair Kevin Warsh deftly sidestepped a series of probing inquiries during his Senate testimony on Wednesday, which pertained to the potential inflationary impact of artificial intelligence, his interactions with President Donald Trump, and the central bank's methodology for assessing the persistence of inflation, yet he divulged no specific details whatsoever.
美联储主席凯文·沃什周三在参议院听证会上,巧妙回避了一系列棘手质询,这些质询涉及人工智能对通胀的潜在影响、他与总统唐纳德·特朗普的互动情况,以及央行将如何评估通胀的持续性,但他始终未透露任何具体细节。
Since assuming office seven weeks ago, Walsh has made it unequivocally clear that, in contrast to his predecessor, he will offer considerably less guidance regarding the Federal Reserve's forthcoming interest rate maneuvers.
自七周前履新以来,沃什便明确表示,相较于前任,他将就美联储下一步利率行动提供更少的指引。
Nevertheless, he has largely refrained from elucidating how the central bank might more broadly respond to potential economic shifts, a stance that has left numerous Federal Reserve observers profoundly disconcerted.
然而,他基本上回避阐释央行可能如何更广泛地应对潜在经济变化,这一做法令众多美联储观察人士深感沮丧。
“I do not believe that a one-off price fluctuation necessarily triggers inflation, as I am confident that the supply side will make corresponding adjustments,” he remarked in response to a question concerning the potential ramifications of large-scale investment in artificial intelligence infrastructure.
“我并不认为一次性的价格波动必然引发通胀,因为我相信供应端会做出相应调整,”他在回应关于大规模投资人工智能基础设施潜在影响的问题时指出。
“Will this shift elevate price indices over the next twelve months? I remain sceptical on that front.
“这一变动是否会在未来十二个月内推高物价指标?我对此持怀疑态度。
As to whether it constitutes inflation, that hinges on the Federal Reserve’s definition, and we shall articulate our stance accordingly.”
至于它是否构成通胀,这取决于美联储的界定,而我们也将就此表明立场。”
As high-tech enterprises pour hundreds of billions of dollars into data centres and computing equipment, the cost of computer memory and processing chips has already surged dramatically.
随着高科技企业向数据中心与计算设备领域投入数千亿美元之巨资,计算机内存及处理芯片的成本已然急剧攀升。
Companies such as Apple, Microsoft, and Dell assert that they have been compelled to raise the prices of laptops, tablets, and video game consoles as a result.
苹果、微软及戴尔等公司宣称,他们不得不因此上调笔记本电脑、平板电脑及视频游戏机的售价。
According to the minutes of the Federal Reserve's most recent meeting, held on June 16–17, 'many' of the 19 officials on its rate-setting committee noted that 'persistently robust demand for artificial intelligence infrastructure could sustain upward pressure on the prices of technology products and electricity.'
根据美联储于6月16日至17日召开的最新一次会议纪要,其利率制定委员会19名官员中的“许多人”指出,“对人工智能基础设施持续强劲的需求,可能会维持技术产品及电力价格的上行压力。”
Within the committee, there is profound discord regarding whether to raise interest rates later this year.
委员会内部对于今年晚些时候是否加息存在严重分歧。
On the day following the congressional hearings, Warsh downplayed the favourable inflation figures released on Tuesday and Wednesday—data that might otherwise have alleviated the pressure he bore as Chair of the Federal Reserve.
在国会听证的次日,沃什还轻描淡写了周二与周三公布的积极通胀数据——这些数据本可能减轻其作为美联储主席所承受的压力。
As inflation gradually abates, the urgency for the Federal Reserve to cool borrowing and expenditure by raising key interest rates correspondingly diminishes.
随着通胀逐渐消退,美联储通过提高关键利率来冷却借贷与支出的紧迫性也随之减弱。
The government disclosed early this Wednesday that wholesale price inflation had moderated in June, while a report released the previous day indicated that the consumer price index experienced its first month-on-month decline from May to June in six years.
政府于本周三早间披露,六月份批发价格通胀已呈现放缓态势;而在此前一日发布的报告则显示,消费者价格指数自五月至六月出现了六年来的首次环比下降。
On an annualized basis, the inflation rate has receded from 4.2% last month to 3.5%.
按年率计算,通胀率已从上月的4.2%回落至3.5%。
Any central bank governor would welcome data evolving in the anticipated direction, he conceded, yet 'these indicators, when gauging underlying inflationary conditions, are inherently limited in scope and far from flawless.'
任何央行行长都会乐见数据朝着预期方向演进,他坦言,然而“这些指标在衡量潜在通胀状况时,均存在固有的局限性,并非尽善尽美。”
Conversely, Warsh stated that he would concentrate on a task force he had personally assembled, which is dedicated to a thorough examination of the data sources employed by the Federal Reserve.
相反,沃什表示,他将聚焦于其亲自组建的一个专项工作组,该工作组致力于深入探究美联储所采用的数据来源。
He further suggested that this task force could propose a series of initiatives aimed at assisting government statistical agencies in achieving greater efficacy within an ever-evolving economic landscape.
他进而建议,该工作组可提出一系列方案,旨在助力政府统计机构“在日新月异的经济格局中实现更卓越的效能”。
Warsh announced last week the establishment of five task forces, whose research scope will also encompass the Federal Reserve's inflation framework, the impact of artificial intelligence on employment and productivity, and the trillions of dollars in government bonds held by the Federal Reserve.
沃什于上周宣布成立五个专项工作组,其研究范畴还将涵盖美联储的通胀框架、人工智能对就业与生产率的影响,以及美联储所持有的数万亿美元政府债券。
However, when Senator John Kennedy, a Republican from Louisiana, inquired how the Federal Reserve would determine whether inflation was “transitory or permanent,” Warsh retorted: “You deploy five task forces to tackle those grand and intractable challenges.”
然而,当路易斯安那州共和党参议员约翰·肯尼迪询问美联储将如何判定通胀究竟是“暂时性还是永久性”时,沃什回应道:“你们动用五个特别工作组来应对那些宏大而棘手的难题。”
Furthermore, Walsh reaffirmed his commitment to acting independently as Chair of the Federal Reserve, resolutely resisting any political pressure from Trump—who has repeatedly demanded interest rate cuts.
此外,沃什重申其将以美联储主席身份独立行事,坚决抵制来自特朗普的任何政治施压——后者屡次要求降息。
However, he did not directly address whether he has communicated with Trump since his appointment.
然而,他并未直接回应自其受命以来是否与特朗普有过沟通。